Kharif Season 2024: In a significant move aimed at bolstering agricultural productivity and ensuring the welfare of farmers, the Union Cabinet, under the leadership of Prime Minister Shri Narendra Modi, has approved the proposal of the Department of Fertilizers to fix the Nutrient Subsidy (NBS) rates for the upcoming Kharif Season 2024. Scheduled to be in effect from April 1, 2024, to September 30, 2024, this initiative is poised to have far-reaching benefits for the agricultural sector.
With an approximate budgetary requirement of Rs. 24,420 crore, the approved proposal seeks to address the key objectives:
- Ensuring Availability at Subsidized Prices: The subsidy rates for P&K fertilizers under the NBS scheme will guarantee the availability of fertilizers to farmers at subsidized, affordable, and reasonable prices, thereby supporting agricultural activities during the crucial Kharif season.
- Rationalization of Subsidy: In light of recent trends in international fertilizer prices and inputs, the subsidy on P&K fertilizers will be rationalized, ensuring that farmers are not burdened by escalating costs while procuring essential agricultural inputs.
- Inclusion of New Fertilizer Grades: The incorporation of three new fertilizer grades within the NBS scheme underscores the government’s commitment to promoting balanced soil health. These new grades will offer farmers alternatives fortified with micro-nutrients, catering to diverse soil requirements and enhancing agricultural productivity.
The implementation strategy entails providing subsidies to fertilizer companies based on the approved rates for Kharif 2024, facilitating seamless availability of fertilizers to farmers at affordable prices throughout the cropping season.
Background of Kharif Season 2024:
The government’s steadfast efforts to support farmers include making 25 grades of P&K fertilizers available at subsidized prices through fertilizer manufacturers/importers. Governed by the NBS scheme since April 1, 2010, the subsidy on P&K fertilizers aligns with the government’s farmer-friendly approach, ensuring accessibility at reasonable costs. In response to evolving international fertilizer prices and inputs, the decision to approve NBS rates for Kharif 2024 underscores the government’s proactive stance in sustaining agricultural growth and farmer welfare.
